Former Deputy Leader of the United National Party, MP Ravi Karunanayake, has proposed an alternative approach to protect the Sri Lankan rupee, arguing that restricting vehicle imports is not an effective long-term solution.
In a post published on his X account, the MP stated that Sri Lanka has been restricting vehicle imports for the past three months under what the government describes as a precautionary measure.
However, Karunanayake claimed that such restrictions do not help protect the rupee and instead create unnecessary market distortions.
He proposed allowing Sri Lankans to import vehicles using their own US dollars or foreign currency resources rather than relying on foreign exchange sourced through the domestic financial system.
According to the MP, such a mechanism would shift the responsibility of obtaining foreign exchange entirely to the importer rather than placing pressure on the government or the Central Bank.
Karunanayake further pointed out that under such a system, the country would continue to benefit from customs duties and other taxes while avoiding black market pressures and artificial shortages.
“Sri Lanka needs practical, market-oriented solutions that generate revenue without creating artificial crises,” he said.
The comments come amid recent government measures aimed at reducing pressure on foreign reserves, including temporary increases in import duties, tighter vehicle financing regulations, and restrictions on vehicle imports.
